CRR Case Summaries and Entity-specific Press Notices
The FRC publishes, on a quarterly basis, summaries of its findings from recently closed reviews that resulted in a substantive question to a company (‘Case Summaries’). In addition, it publishes the names of companies whose reviews were closed in the previous quarter without the need for a substantive question. No Case Summary is prepared for such reviews.
Case Summaries, which are available for cases closed in the quarter ending March 2021 onwards, are included in the table below. As, currently, the FRC is subject to existing legal restrictions on disclosing confidential information received from a company, the Case Summaries can only be disclosed with the company's consent. Where consent has been withheld by the company, that fact is disclosed in the table.
From March 2018 until March 2021, the FRC published the names of companies whose reviews were closed in the previous quarter but did not prepare Case Summaries. However, on an exceptional basis, specific cases may be publicised through entity-specific Press Notices, which can also be found in the table below.
The FRC’s reviews are based solely on the company’s annual report and accounts (or interim reports) and do not benefit from detailed knowledge of the company’s business or an understanding of the underlying transactions entered into. They are, however, conducted by staff of the FRC who have an understanding of the relevant legal and accounting framework. The FRC’s correspondence with the company provides no assurance that the annual report and accounts (or interim reports) are correct in all material respects; the FRC’s role is not to verify the information provided but to consider compliance with reporting requirements. The FRC’s correspondence is written on the basis that the FRC (which includes the FRC’s officers, employees and agents) accepts no liability for reliance on its letters or Case Summaries by the company or any third party, including but not limited to investors and shareholders.
Key
- Only a certain number of CRR’s reviews result in substantive questioning of the Board. Matters raised may cover questions of recognition, measurement and/or disclosure.
- CRR’s routine reviews of companies’ annual reports and accounts generally cover all parts over which the FRC has statutory powers (that is, strategic reports, directors’ reports and financial statements). Similarly, CRR’s routine reviews of companies’ interim reports will generally cover all information in that document. Limited scope reviews arise for a number of reasons, including those conducted when a company’s annual report and accounts or interim report are selected for thematic review or reviews that have been prompted by a complaint. In accordance with the FRC's Operating Procedures, for Corporate Reporting Review, CRR does not identify those companies whose reviews were prompted by a complaint.
- The FRC may ask a company to refer to its exchanges with CRR when the company makes a change to a significant aspect of its annual report and accounts or interim report in response to a review.
- Case closed after 1 January 2021 but performed under operating procedures that did not allow for the publication of Case Summaries.
- From the quarter ended June 2023, the FRC started identifying the auditor of the annual report and accounts, or the audit firm that issued a review report on the interim report, that was the subject of the CRR review. This information was also back-dated for closed cases publicised from the quarter ended September 2022. Cases marked N/A relate to those published prior to September 2022 or interim reviews that did not have a review opinion.’
Case Summaries
CRR Case Summaries and Entity-specific Press Notices (Excel version)
| Entity | Elixirr International plc |
|---|---|
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | Crowe U.K. LLP |
| Case Summary / Press Notice | N/A |
| Entity | Epwin Group Plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | RSM UK Audit LLP |
| Case Summary / Press Notice | N/A |
| Entity | FirstBank UK Limited |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | Forvis Mazars LLP |
| Case Summary / Press Notice | N/A |
| Entity | Foresight VCT plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
This company was selected as part of our thematic review of investment trusts, venture capital trusts and other closed-ended entities and, as such, only disclosures included in the scope of the thematic were reviewed. Assumptions underpinning the fair value of investments We asked the company for additional information about the significant unobservable assumptions applied in the valuation of the company’s unquoted investments. The company satisfactorily provided this information and agreed to expand its disclosures in this area in future sets of accounts. |
| Entity | Funding Circle Holdings Plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice |
Consolidated statement of cash flows and related notes We asked the company for further information about additions to property, plant and equipment in the year that were described in the notes to the accounts as non-cash in nature but included in the Consolidated statement of cash flows. The company explained that the additions in the year were cash transactions and agreed that footnote references to non-cash transactions would be removed in the next annual report and accounts. |
| Entity | Genuit Group plc |
| Balance Sheet Date | 28 February 2025 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | Ernst & Young LLP |
| Case Summary / Press Notice | N/A |
| Entity | GSK plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |
| Entity | Haleon plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | KPMG LLP |
| Case Summary / Press Notice | N/A |
| Entity | Herald Investment Trust Plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Hikma Pharmaceuticals PLC |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | Hilton Food Group plc |
| Balance Sheet Date | 29 December 2024 |
| Exchange of Substantive Letters (1) | Yes |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice |
Goodwill impairment testing We asked for additional information to help us understand a change in the level at which the company performs its goodwill impairment tests, and how this is consistent with IAS 36, ‘Impairment of Assets’. We closed our enquiry after the company provided a satisfactory response. Additional revenues generated by the company We asked why certain revenue streams discussed in the strategic report were not mentioned in the accounts. The company explained that the additional revenue streams were immaterial and agreed to ensure consistency between its narrative disclosures and the accounts in future periods. |
| Entity | Hunting PLC |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Limited |
| Quarter Published | December 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |
| Entity | IMI Plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | Deloitte LLP |
| Case Summary / Press Notice | N/A |
| Entity | Informa PLC |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | PricewaterhouseCoopers LLP |
| Case Summary / Press Notice | N/A |
| Entity | International Personal Finance plc |
| Balance Sheet Date | 31 December 2024 |
| Exchange of Substantive Letters (1) | No |
| Scope of Review (2) | Full |
| Quarter Published | December 2025 |
| Auditor (5) | PKF Littlejohn LLP |
| Case Summary / Press Notice | N/A |